Buying a home can be a overwhelming process. We will guide you through the entire process from finding the right property to the exchange of contracts.
Once you have decided to go ahead with the purchase of a Moroccan property, it is always recommended to engage the services of a licensed notary in Morocco. A simple and hassle-free approach to purchase a property will be buying it through a reputable real estate developer like Eagle Hills. Buyers will enjoy a peace of mind that their property will be delivered in good condition and that they will be immersed in a lifestyle above and beyond their expectations.
There are many banks that could provide mortgage loans such as Banque Populaire du Maroc, Groupe Crédit Agricole du Maroc, BMCI, BMCE. Mortgages are typically available to foreigners, with loan quantum ranging between 50 – 70% of the total purchase price, subject to the respective bank’s lending policy and the buyer’s credit standing. It is also recommended to seek independent financial advice before making any decisions to take out any mortgage loans or credit.
Taxes and Fees
- Set aside up to 12% of the purchase price to cover service fees, charges and taxes.
- In addition, if you are buying through a broker, the broker usually charges a fee of approximately 3-5% of the purchase price. With some good bargaining skills, you may just be able to negotiate the fees down to between 2-3%. Taxes are subject to change and for up to date information, you should contact either the Office de Change or the Direction General des
- Impots or the Administration des Douanes et
- Impots Indirect for the latest information.
You should ensure that the notary checks the following:
- Who is the legal owner of the property, do they have the right to sell.
- Check the identity of the seller to prove they are whom they say they are.
- Check that the details of the property are correct, e.g. size and construction details etc.
- As a non-resident, you are able to stay up to 90 days at a time on a tourist visa depending on the passport that you are carrying.
- There are no current requirements to obtain a residency visa in order to be able to purchase a property.
- If you intend to stay longer.
- This information is provided as a general guide and is based upon information that may be subject to change at any time with little or no notice.
- Buyers are recommended to seek professional legal and final.